IGB Corp Bhd will launch in August a serviced apartment project called Condominium Three28 Tun Razak along Jalan Tun Razak, a stone’s throw from The Intermark in Kuala Lumpur.

Located next to the KL Trillion, the project has an estimated gross development value (GDV) of RM170 mil. A total of 166 units measuring between 700 sq. ft. and 1, 300 sq. ft. will be available for sale at a price of RM1, 000 per sq. ft.

Piling for the project, which sits on 0.38ha, has been completed, IGB Corp’s head of property development Teh Boon Ghee tells FocusM. He says the project has already received enquiries from Japanese and Singaporean buyers. “We have had interest from the Japanese to buy several units,” he adds.

Three28 Tun Razak is directly opposite Hampshire Place, KLCC, which is also a project by IGB. Hampshire Place was ready for occupation in December 2010 and is now 85% occupied.

The high occupancy at Hampshire Place also provided IGB with the cue to launch Three28 Tun Razak. According to Teh, the market price for units at Hampshire Place is around RM1, 100 per sq. ft.

The 23-storey Three28 Tun Razak, with one basement level, will be ready in 2016.

Teh says the units are “reasonably priced”. “It is based on what we think the market price for this location is.” The land was purchased about two decades ago. He expects the take-up to be encouraging, given the development of KL Trillion next door, which includes offices, serviced apartments as well as retail components.

In late 2009, it was reported that the government had plans to compulsorily acquire this piece of land from IGB to build a fire station. At that time, the prevailing price for land in the vicinity was estimated at RM1, 200 per sq. ft.

However, the government’s plan to buy the land did not materialised. The land could have cost an estimated RM40 mil based on the market value then. IGB had, in fact, already obtained a development order to build high-end serviced apartments.

Meanwhile, other parcels of land in the vicinity where IGB plans to launch high-end residences include 3 Lorong Stonor and 6 Stonor – both in the vicinity of the Petronas Twin Towers.

Three28 Tun Razak will have a total of 166 units measuring between 700 sq. ft. and 1, 300 sq. ft. and priced at RM1, 000 per sq. ft.